SEC expands footprint, opens extension office in Lipa

December 19, 2024 | 12:00am

MANILA, Philippines — The Securities and Exchange Commission (SEC) is providing businesses in the regions with greater access to its services with the continuing expansion of its offices.

The SEC said it has opened a new extension office in Lipa, Batangas.

This is the third extension office opened by the commission this year, including one in Butuan in March and another one in Koronadal last September.

The commission said the expansion is part of its efforts to facilitate business formation, invest in high-growth regions and keep a closer watch on fraudulent and abusive practices in the corporate sector.

“The SEC Lipa extension office reaffirms our commitment to providing greater and more effective access to our services, ensuring consistent enforcement of corporate and securities regulations, and establishing closer coordination with partners indispensable in the implementation of our plans and programs at the local level,” SEC chairperson Emilio Aquino said.

The SEC’s extension offices now stands at 13, with the other offices located in Baguio, Tarlac, Legazpi, Cebu, Bacolod, Iloilo, Tacloban, Zamboanga, Davao and Cagayan de Oro.

“Because they are closer to the ground, our extension offices allow the commission to closely monitor and more promptly tackle fraudulent activities such as investment scams and illegal lending,” Aquino said.

“At the same time, through our extension offices, the commission can better amplify its information, education, communication and advocacy campaigns, which are vital in protecting the public from investment scams, illegal lending and other predatory schemes,” he said.

The new SEC Lipa extension office, in particular, will exercise jurisdiction over cities and provinces within the Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) and Mimaropa (Mindoro, Marinduque, Romblon and Palawan) regions.

Through the new extension office, the SEC also looks to improve its regulatory oversight in the region to ensure that businesses strictly comply with the laws and regulations implemented by the commission to foster transparent and fair business practices.

Further, it will take over the monitoring of existing corporations’ compliance with their reportorial requirements under pertinent laws, rules and regulations.

“As the gateway to doing business in the Philippines, we always strive to improve the efficiency and accessibility of our services,” Aquino said.

“With our new extension office in Lipa, we hope to encourage more businesses to incorporate, and contribute more to the growth of this dynamic and diverse region,” he said.